Investing.com - Shares of European retailers plunged across the board on Monday, as a shock profit warning from ASOS (LON:ASOS) prompted investors to flee the sector.
The pan-European Stoxx 600 STOXX Europe 600 Retail index was down 2.1% by 6:40AM ET (11:40 GMT), reaching its lowest level since Oct. 2012.
ASOS shares plunged 40%, its worst day on record, after the British online fashion retailer cut its forecasts, saying November was "significantly behind expectations".
Asos blamed “unseasonably warm weather” in the winter months and increasingly discount-driven consumer economy for its warning.
The profit warning sent shares of nearly all its rivals across the continent into the red.
Boohoo (LON:BOOH) lost 12% in London. Next (LON:NXT) and Marks & Spencer (LON:MKS) were also on the backfoot, with shares falling by 3.7% and 2.8% respectively.
Elsewhere, shares in Zalando (DE:ZALG), Europe's biggest online retailer, fell 13.5% in Frankfurt, while Swedish retailer H&M (BS:HMBs) sank more than 7%, despite reporting in-line sales figures.
-- Reuters contributed to this report